Post Graduation in Entrepreneurship for Customer Development

Question: Discuss about thePost Graduation in Entrepreneurship for Customer Development. Answer: Customer Development and the Value Proposition Customer development is a necessary activity for the start up businesses. It involves identifying potential customers relevant for your business. It involves getting out picking important facts about the customer characteristics of your intended products, and devising ways on how to effectively reach them. Identifying the potential customers is the primary step to establishing a sound enterprise. They form the most important backbone of the business. They comprise of all the people with different characteristics, ranging from both men and women, who will comprise a bigger part of the organizational domain. A start up cosmetics industry targets mostly a larger percentage of female customers. The characteristics of the potential cosmetic products depend on the ability of the enterprise to fulfill the expectations of the customers from the effectiveness of the product offered. The product has to add value to the experience of the customer in what is referred to as the value proposition. The value in the products should add memorable results in customers experience by addressing their needs. For instance, if the customers have had skin problems, offering them a skin care product that perfectly cures their problem will appeal to their expectations develop a strong belief in what the business is offering them. The value proposition of the product to the customers will definitely get incorporated in the marketing strategy as the main marketing point to the customers about what value the product will add to their experience, and this will involve promotional activities, advertisements amon others. Then lastly, in the customer discovery process, there will be evaluation of the customer feedback that is, their reaction and views about the product. Leading the Team There is very high significance in having a determined leading team for your business venture. The management is an integral part of a successful business because they are in charge of all the important decisions that are supposed to propel the organization to the right direction. It is imperative that the venture have a perfect leading team. Therefore, in a new venture such as the cosmetics enterprise, my best position would be the Chief Executive Officer. In this role, coordinating all other functional operations of the venture would be much easier. This is because, coordination is important in the process but this can only be initiated by the CEO within the team. However, equality and teamwork is a basic requirement for the team. The team morale should always be high among the team. The closely knit leading team will ensure a determined approach that would engage the customers and yield the desired results in getting the product to the market and developing new customers for the venture. Coming up with the right people requires a close analysis of the venture. It is better if the management have the people with the knowledge of cosmetics within the team. Identification and selection of the team requires a close look at the peoples determination for the role ahead of them, selflessness, and the desire to succeed. The success of the business most of the time will depend on the decision arrived at by the people in the managerial team. To ensure a coordinated team, as the CEO, acting on the same level as my juniors who are the major implementers is crucial for the enterprise. The ventures vision will lie on the ability of the business to offer solution-oriented products to the customers, and internal inspiration for the success of the team. Creating a Unique Activity System and Competitive Strategy The cosmetics business venture will approach the market from a positive point of view. This means that the management will aim at creating a lasting impression the potential customers perceptions. The goal lies in how well the product will perform within the market. The main strategy to systematically approach the market through test-and-fix approach whereby, there will be free trials of the products using specific promotional strategies, create awareness about the product and by evaluating the consumers feedback, then the management would be able to make necessary changes. The competitive advantage for the venture will lie in favourable pricing, provision of the quality products, shrewd marketing strategy, with the adoption of 4Ps principle of marketing and taking a customer-oriented approach to service provision. The illustration below shows the ventures roadmap.